According to on-chain data statistics, a total of $623 million was liquidated across the entire network in the past 12 hours. Among them, long positions were liquidated for $69.66 million, and short positions for $553 million, indicating significant pressure on the short side.

Bitcoin successfully broke through the 94,000 level. This upward movement suggests that the market has entered a clear rebound cycle, with the potential to challenge the $100,000 mark. The macro environment continues to release positive signals. In the absence of major negative news, the upward trend is expected to continue. Active buying by overseas institutions remains strong, and the price performance has basically eliminated the premium phenomenon. From the 4-hour chart, the 98,000-100,000 range forms a key resistance zone.

Once the main market stabilizes, altcoins will have the opportunity to rebound. It is worth noting that some altcoins show a clear willingness to distribute, which may be the final stage of the rally.

On the technical side, BTC has formed a bottom structure on the daily chart, with about $6,000-$7,000 of room to move before reaching the upper resistance. This range will be the focus of upcoming operations. Trading strategies can be based on the stabilization of the bottom neckline (which should be above that level), or on low buy opportunities after a pullback to the 30-period moving average on the 4-hour chart.

The large-scale bearish structure remains unchanged, but recent nighttime rallies have opened up space for small-scale operations. Short-term pullbacks can be used to bet on limited gains in the larger timeframe. Short-term support levels are around 94568-94150 (considering the 15-minute slow decline structure), with a second support level near 92660.